Treasury Auctions $24 Billion Worth Of Three-Year Notes

(RTTNews) - The Treasury Department kicked off this week's series of long-term securities auctions with the sale of $24 billion worth of three-year notes on Tuesday.

The three-year note auction drew a high yield of 1.050 percent and a bid-to-cover ratio of 3.34.

Last month, the Treasury also sold $24 billion worth of three-year notes, drawing a high yield of 0.926 percent and a bid-to-cover ratio of 3.33.

The bid-to-cover ratio is a measure of demand that indicates the amount of bids for each dollar worth of securities being sold.

The ten previous three-year note auctions had an average bid-to-cover ratio of 3.29.

Looking ahead, the Treasury is due to sell $24 billion worth of ten-year notes on Wednesday and $16 billion worth of thirty-year bonds on Thursday.